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Anti-Money Laundering (AML)

Anti-Money Laundering (AML)

Fenergo’s Regulatory Onboarding solution supports Anti-Money Laundering (AML) compliance obligations, enabling financial institutions to undertake a risk-based approach to AML, Know Your Customer (KYC) and regulatory compliance.

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Anti-Money Laundering 

In providing a world-class risk management capability in line with leading AML typologies such as FATF (Financial Action Task Force), BSA (Bank Secrecy Act), EU Money Laundering Directive and other relevant authorities, Fenergo Regulatory Onboarding manages the following processes:

1. AML Entity Classification & Customer Verification:

Fenergo Regulatory Onboarding feeds basic client and counterparty data inputs (such as client type, role, products, jurisdiction, booking entity etc.) into its advanced Regulatory Rules Engine to determine the KYC data and document requirements for the legal entity. The Fenergo solution supports the capture of customer identification data / documents in-line with regulatory requirements based on the entity classification.

2. Identification of Associated Parties & UBO Analysis:

Fenergo supports the capture of data pertaining to 3rd parties associated with the legal entity to perform Ultimate Beneficial Ownership (UBO) analysis in compliance with newer AML regulatory obligations (such as 4th EU Money Laundering Directive etc.). The solution presents an interactive, visual display of the association hierarchy with drill-down capabilities, enabling the financial institution to investigate each party individually.

3. Risk-Based Approach to AML and Reviews:

Within the Regulatory Onboarding process, a detailed AML review generally follows the calculation of a preliminary risk assessment for the legal entity. The risk assessment outcome can be used to determine the level of AML compliance required for the legal entity. Once the initial legal entity verification data and 3rd party associations have been captured and a preliminary risk assessment has been completed, Fenergo’s Regulatory Onboarding process presents an AML Review that supports the review and validation of the beneficial ownership structure of the client and the capture of specific AML checks against the client themselves and associated entities.

4. AML Checks (including external systems):

Fenergo Regulatory Onboarding integrates with a number of external systems (such as WorldCheck, Avox etc.) to support the AML check process and captures / records the results alongside the client’s AML review within the Fenergo solution.

5. Ongoing Compliance Support:

Following an initial AML review, Fenergo Regulatory Onboarding automatically sets a date an AML review for the legal entity based on the entity’s risk category, e.g. a high risk client may be reviewed in six months, a medium risk client reviewed within one year, a low risk client within three years etc. This process initiates a Regular Review case for the legal entity that incorporates review of KYC data, re-evaluation of the initial Risk Assessment and a total review of AML obligations. In addition to a Regular AML Review, Fenergo triggers event-based AML reviews e.g. in the event of materially significant data changes. 

Fenergo Regulatory Onboarding offers fully auditable and repeatable processes with entitlements-driven access to improve efficiency of compliance with AML obligations.

Useful resources

Whitepapers

KYC & AML Client Reviews

This paper, explores the role that KYC periodic reviews has to play in the levying of fines in this area and contends that the big problem with KYC is Know Your Data. It can take up to 60,000 interactive hours to complete the KYC review process for one Fenergo client. Fenergo proposes a new approach to managing KYC periodic reviews

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BrochuresDownload

Customer Due Diligence / Know Your Customer

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Case StudiesDownload

Optimizing KYC Client Reviews For Efficiency And Control

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